China suspends plans for coal plant buildout

China will suspend previous approvals for new coal-fired power plants in 29 provinces to reduce overcapacity, according to the official China Securities Journal. The National Energy Administration has put as many as 25 provinces on “red alert,” meaning that new projects would create severe overcapacity or environmental risks, while another four regions were put on “orange alert.” In March, China’s government said it planned to close down, cancel or slow the construction of more than 50 gigawatts of coal-fired power capacity this year to tackle the problem.